Adani Power, Usha Martin bag mines in 2nd leg of coal auction

Girja Shankar Kaura

Tribune News Service

New Delhi, March 4

Usha Martin Ltd bagged two of the three coal mines, bidding process for which was completed today in the second round of auction that began today. In all, four blocks — all in Jharkhand — were put up for auction on the first day, with firms including Adani Power, JSW Steel, SAIL and BALCO in the race.

Usha Martin has bagged the Brinda and Sasai coal blocks at Rs 1,804 per MT while the Jitpur mine was won by Adani Power at Rs 302 per MT. Bidding for the Moitra coal mine was still underway.

The government had got over Rs 1 lakh crore in the first round of bidding which would be distributed to the states in which the mines are located.

The companies vying for Jitpur mine — earmarked for the power sector — were Adani Power, Adhunik Power and Natural Resources, Jaiprakash Power Ventures and Jindal Power. The mine was earlier allocated to Jindal Steel & Power Ltd (JSPL).

For Moitra mine — earmarked for the non-power sector — the companies in the race are Jayaswal Neco Industries Ltd, JSW Steel and SAIL. It was earlier allotted to Jayaswal Neco.

The last day for auction of the mines in this second tranche is March 9. The government has put at least 15 coal blocks in this round of auction as per the tentative list.